Frank R. Wolf: the budget request projects a $1.8 trillion deficit this year and a $533 billion deficit in f.y. 2013, and red ink as far as the eye can see. we have over $56 trillion in unfunded obligations to social security, medicare, medicaid. the national debt is nearing

Frank R. Wolf: $1trillion and growing every day. standard & poors predicts the loss of america's a.a.a. bond rating as close as 2012 and that is devastating. the stock market continues to plummet, dropping below 7,000 this morning. and americans everywhere

Frank R. Wolf: understands our nation is in trouble. when i left my office today, the stock market was down over 200 points. most americans realize that congress is broke and it will take a special process to address this runaway spending. the action will lead -- ta solution is a bipartisan

Frank R. Wolf: commission that congressman cooper of tennessee and i with every spending program on the table along with tax policy. congress, under this process, will be forced to vote on the commission's recommendations, an house pledge their support to this last year -- pledged their pport to this last year and it would be bipartisan.

Frank R. Wolf: this process, which would also have outside experts, will help establish confidence. in webster's dictionary it says in t definition of confidence it says the faith or belief that one will act in a right and effective way, and, boy, do we need that now. congress is paralyzed by partisan bickering and so far

Frank R. Wolf: this congress has chosen to hide behind the mantra of regular order. but this problem will not fix itself. there is a bridge linking trenton, new jersey, with morrisville, pennsylvania, and there's a sign over the bridge that says trenton makes and the world takes. well, trenton doesn't make

Frank R. Wolf: anything anymore and the sign should say, the world makes and trenton takes and all you have to do is get on the train from washington going up to new york and all the fac closed and in decay and the windows are broken. a bipartisan commission will renew america's confidence in the economy. it would create a renaissance in the ability of our elected leaders to act.

Frank R. Wolf: it will provide a bigger and brighter future for the next generation of america's young people and ensure we have discretionary dollars for math and science and physics and chemistry and biology and cancer research, research for autism, research for alzheimer's. also help create manufacturing. for the sake of this country,

Frank R. Wolf: this congress and this administration should act to set up a bipartisan panel to help give some hope to our childrennd our grandchildren. and in closing, madam chair, i would also say to the leaders of this congress, this is also a moral issue. this is also a moral issue. is it appropriate for one generation to be living so well

Frank R. Wolf: knowing that their children and grandchildren will have to pay? and in close, i read a quote by one who is a luth ren pastor who stood up to the nazis and was killed, hung by the nazis just before the end of the war.